Corcel Plc announced the initial drilling results from the Company's Mt. Weld rare earth elements joint venture with Riversgold Limited, located 1.5km west/north-west of Lynas Rare Earth Element's Mt. Weld rare earth oxide mine, near Laverton, Western Australia.

Highlights: Initial composite RC drill samples assay up to 2,200ppm TREO; 52% of the planned initial 2,000m RC programme completed to date; Drilling program is on tenement P34/4489 - immediately to the west of Lynas' globally significant Mt Weld rare earth oxide mine. Drill Results: The Company's JV partner, Riversgold, has drilled 5 holes to date totaling 1,036m of an initial seven-hole (2,000m) reverse circulation drilling program on the joint venture tenement P34/4489. The program was designed to test several magnetic features confirmed through both airborne and ground magnetic surveying.

The results from all 1m samples from the drill holes will be submitted for assaying shortly. The Mt Weld Project straddles the access road to Lynas' Mt Weld mine. The tenement is predominantly covered by recent transported sediments obscuring the underlying geology, with four discrete undrilled magnetic features (T1-T4).

Drill Hole Locations completed to date at Mt Weld (P34/4489) Hole one was abandoned due to difficult ground conditions at 84m. All four remaining holes intersected the geophysical targets as modelled. The magnetic high was deemed to be highly magnetic, black mafic volcanics which were intersected at a width of 10 to 20m from 190 to 210m downhole.

To ascertain if REEs were indeed present, the Company prepared four composite 4 metre samples from holes 2 to 4 which had intersected highly magnetic, black mafIC volcanics. These samples were dispatched to the assay lab for rush analysis prior to completing the drill program. The drilling in holes 4 to 5 was successful in intersecting the targeted interpreted magnetics, representing targets T2 and T3 in the announcement dated 2 May 2023.

T1 was not drilled due to temporary flooding of the small creek where the target drill hole was located. On further assessment of the ground geophysics interpretation, T4 was downgraded to a be a secondary priority, although it is located closer to the operating Mt Weld Mine Site. In hole 5, which was drilled after the rush assay was despatched, but before the assay results were received, the drilling also intersected medium grained, pink intermediate porphyry interpreted as syenite.

Syenite is the host rock at the neighbouring Wallaby Gold deposit currently being mined by Anglo American Gold.